In 2023, South Korea dominated the global R&D expenditure in shipbuilding, reaching 401.48 million USD, driven by a 3.2% increase from the previous year. Italy and Japan followed, with Italy experiencing a 5.78% uplift, contrasting Japan's decrease by 1.14%. Spain and Norway show divergence, with Spain decreasing by 0.78% while Norway grew by 6.35%. Taiwan and Portugal recorded moderate increases by 5.12% and 2.2%, respectively. Estonia suffered a steep decline of 27.37%. Over the past five years, the compound annual growth rate (CAGR) suggests a mix of steady growth for South Korea, Italy, and Norway, while others faced fluctuations.
Looking forward, key trends to monitor include technological advancements in shipbuilding, adoption of green technologies, and the impact of global supply chain shifts. South Korea is likely to maintain its leading position, benefiting from ongoing infrastructure developments. Meanwhile, countries like Norway and Italy may experience increased investments in sustainable shipping solutions.
Top countries in Business Enterprise R&D Expenditure in Building of Ships and Boats by Country
| # | 8 Countries | Million US Dollars PPP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 South Korea | 401.48 | 2023 | +5.56% | +3.2% | View data |
| 2 | 2 Italy | 195.73 | 2023 | +4.89% | +5.78% | View data |
| 3 | 3 Japan | 154.58 | 2023 | +1.84% | -1.14% | View data |
| 4 | 4 Spain | 106.52 | 2023 | +7.03% | -0.78% | View data |
| 5 | 5 Norway | 53.23 | 2023 | +5.22% | +6.35% | View data |
| 6 | 6 Taiwan | 7.2 | 2023 | +1.69% | +5.12% | View data |
| 7 | 7 Portugal | 3.55 | 2023 | -0.28% | +2.2% | View data |
| 8 | 8 Estonia | 0.075 | 2023 | +7.14% | -27.37% | View data |
